Investments approved by BOI up 540 percent in January 2018

The year 2018 is off to a good start with investment projects approved by the Philippine Board of Investments (BOI) in January up more than six-fold or a 538 percent surge to Php51.3 Billion from the Php8 Billion recorded in the same month last year.

“This reflects the strong confidence in the Duterte administration and all the positive reforms and programs being undertaken that created a sustainable growth momentum moving forward. This is the economic breakout we have been working for,” said Trade Secretary and BOI Chairman Ramon Lopez.

Coming off from a record-breaking Php617 Billion in investment approvals last year, Trade Undersecretary Ceferino Rodolfo meanwhile expressed confidence that the agency can achieve its year-end target of Php680 billion, a 10 percent upswing from last year’s unprecedented figure.

Regional dispersal of investments, as recorded in 2017, has become a continuing trend at the start of the year as most of the investment projects are in the provinces. Cavite is the top recipient of projects with six totaling Php17.9 Billion and Davao City as the second with two projects with a combined investment of Php13.6 billion. Nueva Ecija with its sole Php8.6 Billion solar project places third. These areas account for 78 percent of the total approved projects for January.

Renewable energy projects take up the bulk of investments for January 2018 with Php27.43 Billion followed by water supply and distribution with Php13.87 Billion. Manufacturing investments was also off to a good start with Php37.29 Million worth of projects registered for the month.

The biggest project approved for January is the Php13.3 Billion bulk water supply of APO Agua Infrastructura Inc. in Davao City. Other notable projects are the three solar facilities of Solar Philippines Commercial Rooftop Projects, Inc., two in Cavite and one in Nueva Ecija, with a combined cost of Php25.9 Billion. These renewable energy projects will have a total power capacity of 587 megawatts (MW) when operational. Meanwhile, Cleangreen Energy Corp. is also constructing its 12 MW biomass energy plant worth Php1.5 Billion in Bulacan.